With a global crypto market cap of $1.27T, according to [CoinMarketCap data](https://coinmarketcap.com/), it is imperative that we have reliable options to store our cryptocurrencies. Of the many hot and cold wallets on the market today, MetaMask is a popular option. What is MetaMask wallet? It is a leading Ethereum wallet that falls under the category of hot wallets. 

In essence, a hot wallet is a crypto wallet connected to the internet. [Cold wallets](/news/article/best-cold-crypto-wallet-uk), on the other hand, operate primarily offline and serve as 'cold storage'. Numerous types of wallets fall under these two categories. MetaMask is classified as a web wallet (aka a software wallet).    

## What is MetaMask wallet and why is it popular? 

Despite its popularity, many still ask, 'What is MetaMask wallet?'. MetaMask boasts an intuitive, elegant design and an easy-to-use interface. 

The [cryptocurrency wallet enables users to store](/news/article/best-crypto-wallet-uk-top-picks) Ethereum (ETH) and other ERC20 tokens and serves as an easy access point to the Web3 ecosystem of cryptocurrencies and decentralised applications (DApps), as well as decentralised finance (DeFi), and non-fungible tokens (NFTs). 

Essentially, the web wallet is a browser plugin – all you need is Google Chrome, Mozilla Firefox, Microsoft Edge, Opera, or a Chromium-based browser like Brave to get started. You can also download the wallet as a software wallet on your Android or [iOS](/news/article/tony-fadell-launches-crypto-wallet) device. Install the browser plugin and set up your wallet in just a few minutes. 

![metamask browser install](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_21_5a6c0ad181.png)

Please note: ONLY install the [official MetaMask plugin](https://metamask.io/download/) (aka extension or add-on) for your designated browser. 

Once you have [installed and set up MetaMask](/news/article/what-is-metamask), you can store ETH and ERC20 assets, transact with any ETH address, interact with Ethereum-based DApps, participate in play-to-earn (P2E) games, stake tokens for rewards, and trade tokens on decentralised exchanges (DEXs), and access DeFi apps like Compound and PoolTogether. 

Now that we have answered what is MetaMask wallet let's explore the setup process. 

## How to set up a MetaMask wallet 

Depending on your internet speed, it typically takes a minute to download the plugin. Once you have downloaded the plugin, a new tab will automatically open on your browser, directing you through the wallet setup procedure. 

![metamask logo](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_29_3b3000f014.png)

Click "Create a New Wallet" to begin. A set of terms and conditions will appear on your screen. Read through each to understand how the data they collect will be used to enhance your user experience. Click on the I Agree option when you are ready to continue/consent to the terms and conditions. 

Alternatively, you can click the No Thanks option and search for a cryptocurrency wallet that better meets your privacy concerns. We urge you to read the Privacy Policy as well, ensuring your decision to set up a MetaMask wallet is an informed one! 

![meamask website screenshot](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_43_954e9aaaef.png)

At this stage, you will be asked to create a secure password. You should note that the service provider CANNOT recover this password for you, so scribble it down somewhere or memorise it thoroughly! The password serves as a means to unlock your wallet on that device. 

Create an eight-character password (minimum length) consisting of at least one lowercase and uppercase letter, metacharacters, and numbers. Re-enter your password, tick the I Understand that MetaMask Cannot Recover this Password for Me box, and click the Create a New Wallet option to continue. 

As you can see below, there are only two more steps left to complete. 

![create password screen](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_38_53_383676c673.png)

The Secure Wallet step is of utmost importance. We recommend watching the short video to understand the significance of your Secret Recovery Phrase and how you can do your bit to keep your MetaMask wallet safe. Essentially, the 12-word Secret Recovery Phrase is your master key to access your wallet and all its funds. 

For safekeeping, note down the Secret Recovery Phrase and store it in a safe deposit box. We recommend keeping multiple, concealed copies of the Secret Recovery Phrase to be on the safer side. Remember, DO NOT share your Secret Recovery Phrase with anyone. This includes family and friends. 

Click on the [Secure My Wallet](/news/article/crypto-wallet-multiple-currencies) (Recommended) option to continue. 

![metamask secure your wallet page](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_01_85d2ca294f.png)

Click on the Reveal Secret Recovery Phrase option and consider the above suggestions. Make sure no one is looking. 

![recovery phrase screen ui metamask](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_10_4cf88259dd.png)

Once you have noted your Secret Recovery Phrase, click the Next option to continue. 

At this stage, you will be asked to confirm your Secret Recovery Phrase. You need to fill in the blanks with the Secret Recovery Phrase words in the correct order. Upon confirmation, a message will appear on your screen affirming successful creation. 

![metamask wallet creation screen website ui](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_17_4f51f1c6f3.png)

To continue to the MetaMask homepage, click the Got It! button. First, we recommend pinning the MetaMask browser extension. This will make it easily accessible and transaction confirmation will be more straightforward. Click on the extensions icon to the right of the URL bar and pin the MetaMask plugin to your browser. 

You are now all set to go. Click on the plugin extension to commence proceedings! 

## How to use MetaMask wallet 

At this stage, you are connected to Ethereum Mainnet and can buy, send, swap, and bridge assets and NFTs. To change/add a network, click on the Ethereum Mainnet option and add the network of your choice. At the time of writing, ten options are available. 

![Account1 screen metamask wallet ui](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_05_04_at_12_39_32_3b54b9a66b.png)

These include Arbitrum One, Avalanche Network C-Chain, BNB Smart Chain, Fantom Opera, Optimism, and Polygon Mainnet. 

To unravel all possibilities, explore MetaMask in detail. It is worth adding that you can connect your wallet to a cold storage option such as Ledger or Trezor! If any queries arise, feel free to reach out to [MetaMask Support.](https://support.metamask.io/hc/en-us) 

What is MetaMask wallet? The top Ethereum wallet explored 

The global cryptocurrency market experienced [a broad sell-off on Friday](https://coingape.com/markets/), the first time since a mid-January wave heralding bearish news that could overshadow crypto's recent 2023 uptrend. As the cumulative crypto market appeared to crash, the Ethereum price today dropped by a whopping 7.87% to trade at $1,400.

In what appears to be partly the result of the market's reaction surrounding the future of US-based crypto banks, the entire crypto market lost at least $60 billion in the past 24 hours, standing at $930 billion at the time of writing. Pundits are pointing at the demise of the crypto-friendly [Silvergate Bank](/news/article/silvergate-on-verge-of-collapse) ([a gap BCB Group is trying to plug](https://news.monitalks.io/news/article/bcb-group-acts-to-close-silvergate-gap)), a hawkish FED, and possibilities of government sale of Silk Road-related Bitcoin as among the reasons investors might have engaged in panic selling.

## Ethereum loses $1,500 support level

Bitcoin, the world's largest digital asset by market capitalization, wasn't spared the bloodbath, suffering a liquidation of $120 million over the last 24 hours, having shed a massive 8%. As for the world's second-largest crypto by market cap, Ethereum price today lost the $1,500 support level, trading at $1,414 with a market capitalization of $173.05 billion. The data showing a 58.60 increase in trade volume indicates decreased investor interest.   

Several events in the last few weeks have been cited as enough reason for investors to get into panic mode. First, there's been a stronger-than-expected inflation report calling into question the US's recent assertion about an ongoing disinflation trend. The FED itself didn't make things easier by acknowledging the same, even as its chair, [Jerome Powell](https://www.federalreserve.gov/newsevents/testimony/powell20230307a.htm), informed Congress that the central bank had its work cut out if it was going to reverse inflation back to its 2% target.    

## A somber alarm bell for the crypto trading markets

Moreover, the collapse last Wednesday of crypto-friendly lender Silvergate Bank and the US Department of Justice [moving 49,000 Bitcoin](https://twitter.com/PeckShieldAlert/status/1633331891347820544) it seized from Darknet marketplace Silk Road to a new Bitcoin address pointed to a possibility that the government could sell its sizeable cryptocurrency stash. The combination of all these factors is a somber alarm bell for the crypto trading markets only one week after the market experienced [$200 million liquidation](https://www.coinglass.com/LiquidationData) in minutes. 

The declining ETH price happens as Ethereum's developers plan to launch the Goerli testnet on or around 14 March, a tryout for the much anticipated [Shanghai Upgrade](/news/article/eth-shanghai-upgrade-postponed) that was pushed to sometime in April.


red image of hands holding ethereum coin on red background

Ethereum Price Today: 7% Fall 

Snoop Dogg is announced as one of the co-founders of Shiller, a Web3-based livestream platform for creators. This investment marks another Web3 collaboration for the well-known hip-hop artist.
Shiller will heavily incorporate blockchain technology, enabling content creators to "token-gate" their streams and promote non-fungible tokens or other e-commerce products. These content creators can receive payment in [Ether](/news/article/ethereum-pow-price-prediction) (ETH) or NFTs, which can be exchanged for fiat currency. 


The Snoop Dogg investment and partnership list includes one with Sandbox in April last year to introduce the "Snoop Avatars" NFT collection. He released the hip-hop track "A Hard Working Man", followed by a 50,000-piece NFT release. He also teamed up with [Yuga Labs](/news/article/yuga-labs-explained), the creators of Bored Ape Yacht Club (BAYC) and CryptoPunks, to perform on a Metaverse-transformed stage at 'MTV's Video Music Awards'. Furthermore, Snoop Dogg has recently become the "[Chief Ganjaroo Officer](https://www.prnewswire.com/news-releases/roobet-announces-partnership-with-entertainment-legend-snoop-dogg-301759861.html)'' at Roobet, a crypto casino, as announced by Roobet on 1 March.

## Shiller launches as part of growing creator economy

The launch of Shiller is likely a part of the broader creator economy movement anticipated to involve Web3 technology. Web1 allowed users to read content and write HTML, whereas Web2 facilitated user-to-user interactions, popularised by a few social media giants, including Facebook, Google, and YouTube. [Web3](/news/article/web3-games-raised-millions) seeks to remove intermediaries by empowering creators to own their content and its revenues fully. Platforms like Shiller emphasise the empowerment of creators to take ownership of their content without the intervention of any centralised intermediaries such as social networking platforms.


Shiller will enable creators to have greater control over the monetisation of their content. According to a [statement](https://shiller.io/dogg/), Snoop Dogg, the co-founder of Shiller, expressed his enthusiasm for partnering with London-based tech entrepreneur Sam Jones to launch the platform. He believes that Shiller allows creators to reach their fans in distinctive ways and monetise their content on their own terms, aligning with his philosophy of directly engaging with his fans.


snoopdog dancing next to Shiller app logo

Snoop Dogg Investment in Shiller 

The much-awaited [ETH Shanghai hard fork](/news/article/ethereum-shanghai-upgrade) upgrade, initially scheduled for late March, has been postponed by around two weeks by the Ethereum developers.

According to the announcement made during an [Ethereum](/news/article/ethereum-price-in-uk) developer meeting on 2 March, the ETH [Shanghai upgrade](https://cointelegraph.com/explained/ethereum-shanghai-upgrade-explained) is expected to be released sometime in the first half of April. At the meeting, the core developers agreed that the hard fork would occur approximately two weeks after the Goerli testnet launch, scheduled for 14 March. The Goerli testnet will be the final rehearsal before implementing the hard fork on the mainnet.

According to Tim Beiko, the project coordinator and a core developer for Ethereum, it is customary to provide a minimum of two weeks' notice before implementing any changes to the mainnet.

Beiko explained that if the Goerli testnet launch proceeds smoothly and the developers agree to move on 16 March, the earliest the mainnet will be updated would be in the first week of April.

In a [Twitter thread](https://twitter.com/TimBeiko/status/1631372629721620480?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1631373281650708481%7Ctwgr%5E1dbeece3471db96040845174bce7b665f85d20d5%7Ctwcon%5Es2_&ref_url=https://cointelegraph.com/news/ethereum-core-developers-push-shanghai-upgrade-to-early-april) on 2 March, Beiko clarified that they still needed to set a specific date for the mainnet update. Still, they are likely to decide during the next developer meeting on 16 March, contingent on the success of the Goerli testnet.

## What is the Shanghai Capella upgrade, and why is it essential?

The Shanghai Capella upgrade, also known as Shapella, which will be deployed on Goerli, represents the final opportunity for Ethereum clients and staking providers to verify that the Shanghai hard fork will function seamlessly when it goes live on the mainnet.

The eagerly awaited mainnet upgrade in Shanghai will enable Ethereum staked on the Beacon Chain to be withdrawn in stages. To maintain the security and stability of the network, the withdrawal of ETH will be dynamic. It will depend on the number of validators exiting at any given time. Since validators must complete a two-stage process involving an exit queue and a withdrawal period, the withdrawal process will occur gradually over time.

Around 17.1 million ETH, worth roughly $28 billion, has been staked on the Beacon Chain since the launch of the Ethereum consensus layer in December 2020. And the ETH Shanghai upgrade is predicted to benefit liquid staking providers, such as Lido, by bringing in more collateral. These platforms provide increased flexibility and yield opportunities for staked ETH, which could result in a rise in collateral deposited on them after the upgrade.


green image of shanghai and ethereum logo

ETH Shanghai Upgrade Postponed 

Ethereum developers have finally made one of its [biggest announcements](https://twitter.com/terencechain/status/1630426604802555953) after its September 2022 Merge, a second Ethereum testnet, dubbed the Shapella Sepolia upgrade, that successfully simulated withdrawals of staked Ether (ETH).

The upgrade activated at epoch 56832 on 28 February, at 4:04 UTC and finalized at 4:17 UTC, brings the Ethereum blockchain closer to the envisaged Shanghai upgrade.

The [Shanghai upgrade](/news/article/ethereum-shanghai-upgrade), the network's first major development after '[The Merge](/news/article/ethereum-merge-date),' is Ethereum's final rite of passage toward becoming a fully functional Proof-of-stake (PoS) network. 

Scheduled for March 2023, this upgrade will enable validators and stakers to withdraw the rewards they earn from adding blocks or approving transactions to the Ethereum blockchain from the [Beacon Chain](https://ethereum.org/en/upgrades/beacon-chain/). 

## One more Ethereum testnet scheduled

The ‘Ethereum Improvement Proposal’ (EIP-4895) explains the finer details of the process that will be involved to allow validators to withdraw ETH tokens staked as far back as the December 2020 launch of the Beacon Chain. Moreover, besides [EIP-4895](https://eips.ethereum.org/EIPS/eip-4895), the Shanghai fork has a [few other EIPs](https://github.com/ethereum/execution-specs/blob/master/network-upgrades/mainnet-upgrades/shanghai.md) that aim to reduce gas charges for Ethereum developers. 

According to the announcement, the developers have one more Ethereum testnet scheduled, Goerli, before the highly anticipated upgrade goes live. The Shapella Sepolia test was designed to simulate the type of withdrawals on the Ethereum blockchain Mainnet. 

Sepolia, the second and smallest Ethereum testnet among all the three planned due to the number of validators who participated, makes it the least important. That's because, unlike the Zhejiang testnet, undertaken earlier in February, it was reserved for only the Ethereum core developers. Goerli, expected in the coming weeks, would be the final tryout before the blockchain's Mainnet can successfully process staked ETH withdrawals.

## A bullish or bearish impact on the market?

Goerli is the most anticipated Ethereum testnet, seeing that it will be the biggest of the three and will most closely impersonate the blockchain's activity. Projected to occur around 21 March, this will likely push the Mainnet Shanghai Upgrade into sometime in April.

Once the Upgrade goes live, approximately [16 million staked ETH](https://beaconcha.in/) tokens will be available for withdrawal. With the withdrawal of staked ETH successfully simulated on the Zhejiang and Shapella Sepolia testnet and Goerli in the coming weeks, there’s high anticipation that as a new era of unlocked ETH begins, the Shanghai upgrade could trigger a selling wave and have a bullish or bearish impact on the market.


Second Ethereum Testnet Successful 

Ethereum PoW, or ETHW, is a hard fork of the Ethereum blockchain with "The Merge". But what is the prediction for the native token's price?

[Ethereum](/news/article/ethereum-price-in-uk) is a leading blockchain platform widely known for its native ether (ETH), the second-largest cryptocurrency in the market. It is a key player in the decentralised finance ([DeFi](/news/article/what-is-a-defi-token)) space, enabling users to create decentralised applications (DApps) with native tokens.

It was founded in 2013 by Vitalik Buterin, who pioneered smart contracts computer programs that automatically execute when certain conditions are met. These smart contracts have been beneficial for the Ethereum platform and have been adopted by many other blockchains. 

It previously operated on a Proof-of-Work (PoW) consensus mechanism, similar to [Bitcoin](/news/article/bitcoin-bull-or-bubble-debate). This relies on miners to solve complex mathematical equations to add blocks to the blockchain, earning rewards in return.

## Problems that led to the birth of Ethereum PoW(ETHW)

The PoW consensus mechanism used by [Ethereum](/news/article/why-is-ethereum-going-down) had two main drawbacks.

First, it required a vast amount of computing power, making it both costly and not very eco-friendly.

Second, the mechanism resulted in slower transaction speeds, leading to higher transaction costs, known as gas fees. Bitcoin did not face this issue as it only performs one function. With Ethereum's multiple functions, transactions on the blockchain were slower.

## The birth of Ethereum PoW (ETHW)

To address the challenges of PoW, Ethereum decided to adopt a Proof-of-Stake (PoS) consensus mechanism. Under this system, individuals are chosen to add blocks to the blockchain based on the amount of the native token they hold, in this case, Ether (ETH). This new mechanism requires less electricity, making it more environmentally friendly and appealing to investors. Additionally, it results in faster transactions and lower gas fees.

In December 2020, Ethereum announced that it would be transitioning to a PoS consensus mechanism, known as "[The Merge](/news/article/the-merge-ethereum-nft-impact)", which took place on 15 September, 2022. However, this transition harmed the blockchain's miners, as they were no longer needed and lost their supplemental income.

As a result, a group of anonymous miners established a version of Ethereum based on the original pre-Merge blockchain. This version is called Ethereum Proof-of-Work (ETH PoW). It allows people to continue earning rewards by adding blocks to the blockchain traditionally while utilising the same features as the original Ethereum. The mainnet of this Ethereum fork came online on 15 September, 2022, following The Merge.

Like any blockchain, Ethereum PoW has a native coin. ETHW is used to pay miners and can be bought, sold, or traded on cryptocurrency exchanges.

## ETHW price history

Ethereum Proof-of-Work (ETHW) was officially launched on 15 September, 2022, and reached an all-time high of $141.36 on CoinMarketCap on 8 August, 2022. The value dropped to below $100 the following day. The prices continued to decline over the next few weeks, and by the end of the month, the value of ETHW was $49.58.

As the Merge approached, the ETHW price peaked at $63.29 on 3 September, but fell to a low of $27.03 on 9 September. 

After the launch, there was some growth, and the coin reached a post-Merge high of $14.42 on 16 September. However, it faced a replay message attack which caused the price to drop to a post-Merge low of $4.22 on 19 September. The coin recovered and reached $13.78 on 24 September. It remained above $10 for the next week but fell again, reaching a low of $6.59 on 13 October before recovering to $7.66 the next day.

The collapse of the [FTX](/news/article/is-crypto-dead) exchange into bankruptcy had a negative impact on the market and ETHW, as the coin reached an all-time low of $3.13 on 22 November, with a small attempt at recovery in the following week. On 1 December, 2022, it was trading at $3.60 with a market cap of around $387.5 million, making it the 79th largest cryptocurrency.

## Ethereum PoW current price

As of the time of writing, Ethereum PoW is trading at USD 3.95 with a 24-hour trading volume of $1,83,52,256. 

Ethereum PoW is down 4.54% in the last 24 hours. It is ranked 83 on the CoinMarketCap with a market cap of $42,55,57,593, with a circulating supply of 10,78,18,999 ETHW coins.

## Ethereum PoW price prediction

Ethereum PoW price prediction by [DigitalCoinPrice](https://digitalcoinprice.com/forecast/ethereum-pow) suggests that the coin price could reach $9.05 in the current year and $10.69 the following year. The site predicts that by 2025, ETHW could be worth $14.81 before rising to $18.53 in 2027 and $22.51 in 2028. It also suggests that the coin could close the decade at $30.66, and in 2030 it predicts that it could trade at $42.71, with the potential to reach $59.23 in 2031.

[WalletInvestor's](https://walletinvestor.com/forecast/ethereumpow-prediction-data) Ethereum PoW price prediction for 2023 suggests it could face a challenging year. The site predicts that the coin's value could drop to a low of $0.277 by the start of December 2023.

It is essential to remember that the cryptocurrency markets are volatile, making it challenging to predict the price of a coin or token in a short period and even in the long term. If you are considering investing in crypto, we recommend conducting thorough research. Analyse the current market trends, news, technical and fundamental analysis, and expert opinion before making investment choices.


Ethereum PoW Price Prediction 

The Ethereum Shanghai upgrade is around the corner, with the hard fork tentatively set for March this year.

The hard fork represents [Ethereum’s (ETH) next big upgrade](/news/article/london-hard-fork-ethereum) and is one that could potentially have a significant impact on Ethereum's price.

## Significance of the upgrade

Currently, about 14% of the entire ETH supply, or 16M tokens, which is equal to roughly $26.7B, is staked on the Beacon Chain. Following the hard fork, this substantial sum will become liquid. This means that stakers and validators can [withdraw their staked assets](/news/article/what-is-staking-crypto) from the Beacon Chain.

![eth.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/eth_80460521cf.png)
 
Source: [DefiLlama](https://defillama.com/chain/Ethereum)

To put this into perspective, some ETH stakers have been waiting for three years and more to claim their rewards. That said, will these investors withdraw all their assets immediately and sell them on the open market? We at Moni Talks believe this is unlikely.

We believe the Ethereum Shanghai upgrade may see increased investment into ETH staking. After all, the cryptocurrency is the leading Proof of Stake (PoS) blockchain and the second-largest crypto asset in terms of total market cap after Bitcoin (BTC) - just over $200B.

## Why investors should not be concerned

Decentralised finance (DeFi) has a total value locked (TVL) of $49.23B at the time of writing, of which Ethereum accounts for nearly 60%. Regardless of the crypto market situation, the number of ETH deposited over a period has continued to rise at a balanced rate, crossing 500,000 validators in January 2023.

With the current staking yield of about 5.45% annual percentage rate (ARP), rewards boosted by maximal extractable value (MEV) sitting close to 7%, and [deflationary tokenomics](/news/article/ethereum-price-live), we believe that a substantial inflow into ETH staking may take place upon the upgrade.

It is worth noting that several ETH stakers purchased the cryptocurrency at its peak (during the bull run when [prices were northwards of $4,000](/news/article/ethereum-whales-fuel-eth-bounce-back)). Given that the current price of the cryptocurrency is around $1,670, it is unlikely that stakers and validators will sell their investment for a loss (they may be left to sit for longer).

It is also worth noting that Ethereum stakers must part with 32 ETH to participate in the liquid staking programme. This is possible directly with the blockchain or through liquid staking protocols such as Rocket Pool and Lido Finance.


What the Ethereum Shanghai Upgrade Really Means

A prolific hacker famously known as the 'Blockchain Bandit' is believed to be on the move again after hacked crypto was moved.

Blockchain Bandit first gained popularity in 2015-16 after using a technique called "Ethercombing" to steal more than £70m in crypto from thousands of holders.

Six years after the infamous incident, the hacker has awakened. The huge amount of crypto hacked back then was moved from the Bandit's wallet last week.

This crypto hacking scandal was considered a programmatic theft because of the sheer amount of money involved. The hacker stole 51,000 ETH and 470 BTC, valued at £73 million today. The hacker is suspected to be moving his funds due to the recent rise in crypto prices.

The Blockchain Bandit got their name after successfully stealing ETH from thousands of holders with weak private keys using Ethercombing. The hacker's attempt emptied more than 10,000 wallets from holders worldwide.

In 2019, the [Blockchain Bandit gained 45,000 ETH](https://cointelegraph.com/news/blockchain-bandit-has-stolen-45-000-eth-by-guessing-weak-private-keys-report-claims) by simply guessing the weak private keys. The now infamous thief heavily relied on the process of being able to guess an address's public key if you are aware of the private key. The hacker seems to have come up with an automated system that helped him scan and identify these weak keys. He exploited this to no extent and was able to steal millions in funds from thousands of crypto holders.

![hacked.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/hacked_008b7d1142.png)
 
Chainanalysis came up with a diagram to portray the shifting of funds. However, they did not mention any specific targets. Chainanalysis advises crypto holders to use well-known and reliable wallets to do transactions and use hardware wallets to move large amounts of funds to avoid getting their crypto hacked.

## Why is the hacker on the move?

After over half a decade of inactivity, the hacker's wallet was seen to be active as he was moving the crypto hacked previously. Crypto experts believe this sudden activity and the moving of funds is due to the recent hike in crypto prices.

The hacker is suspected of moving millions in stolen funds to a more secure location. There have been no updates since his last activity, but his moves are being heavily monitored.

The news comes only days after the [FTX reported more than £342m in stolen funds through hacking](/news/article/ftx-us-reports-415-million-hacked).


red image of hacker stealing crypto with bitcoins falling

Crypto Hacked: Blockchain Bandit Active Again

The Ether price in British pounds plummeted in November, with Trading View charts showing the ETH price at less than £1,100 on 11 November and failing to rise to the level again.

Ethereum tops the list of altcoins among traders and investors. It is the most well-known altcoin and, to many investors and enthusiasts, much more than just another cryptocurrency.

Currently, the ETH price is £1,575.97, slightly higher than the opening price of this week, £1,552.52. During an entire week, Ether's price moved between a maximum of £1,063.22 on 5 December to a lowest of £1,000.01 on 7 December.

![ether.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/ether_d1e3f1abb5.png)
  
Source: Tradingview.com

The Ether price pounds value rallied 19.74% from £907 on 22 November to £1,086 on 30 November before falling -7.20%. The resistance level at £1,086 has been keeping up for a month, which is the likely cause of the correction to £1,000.01 on 7 December. On the other hand, traders are happy that the ETH is now trading 15% above its low on 22 November.

The market is already in winter, and the fall of FTX worsened the mood of traders. However, two other events pushed the waves higher and broke traders' confidence. A [tweet by Elon musk asking SBF where did the money go](/news/article/elon-musk-tweets-where-did-money-go) acted as a stone to break the beaker.

Plus, three US Senators wrote to [Silvergate Bank asking for information regarding the bank's involvement with FTX](https://cointelegraph.com/news/us-lawmakers-request-answers-from-silvergate-over-ties-to-ftx-report). Lawmakers are trying to find out legislative or regulatory solutions to prevent a similar occurrence in the future. 

Following "reports suggesting that Silvergate enabled the transfer of FTX client cash to Alameda", the lawmakers asked inquiries. They gave the bank until 19 December to respond.

NBC News, on 5 December, reported that Silvergate is claiming not to be involved in FTX and Alameda Research's apparent misuse of customer funds. However, according to 6 December news, the three Senators, Elizabeth Warren, John Kennedy, and Roger Marshall, sent a letter to Silvergate CEO Alan Lane. It asked the bank to provide details on its connection with FTX regarding the allegations and queries around its name.

It is still unclear what the long-term consequences of FTX's collapse will be, as the latest wave of bankruptcy cases poses a risk of extending the present cryptocurrency bear market. Keeping these things in mind, investors are forced to think that the crypto meltdown will likely go deeper because of such frequent negative events happening in the market.

The FTX collapse has had an influence on the course of the regulatory regime in the United Kingdom. The planned revisions would make it possible for the Financial Conduct Authority (FCA) to keep an eye on the regional operations of the crypto businesses.

In this bearish scenario, investors fear Ether could lose the £1,000 support. It's important to note that making a firm call for the Ether price pounds value is challenging. Some predict that Ether could be in for a crash this year, with its value dropping as low as £750. Crypto market analysts expect ETH to drop as much as 80% from its all-time high of £3,560, leading it to around the said support level.

## Final words

A positive aspect of the network, when considering the Ether price pounds value, is that Ethereum has more than a 90% share of the NFT market.

It is hoped that the first smart contract blockchain will survive this period of instability.


green image of British flag and GBP with ETH logo in centre

Ether Price in Pounds: Unable to Reach £1,100

A Bored Ape whale, who goes under the pseudonym "Pokeee.eth" on [Twitter](https://twitter.com/pokeepandaa), just spent ~$900k on 69 DeGods NFTs. DeGods is a dominant [NFT project on Solana](/news/article/how-to-find-new-nft-projects), with all-time sales of over $135M, according to [CryptoSlam data](https://www.cryptoslam.io/degods).

That said, what makes a DeGods NFT such a prized asset? And why did the NFT collector spend BIG on the project?

![degods1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods1_d298b36907.png)

Source: DeGods

## What is DeGods?

DeGods claims to be the "#1 NFT community on Solana". These NFTs are NOT a derivative of the Bored Ape Yacht Club (BAYC). Instead, this collection is [works of original art](/news/article/how-to-make-nft-art).

These non-fungible tokens are held by many prominent members in the crypto space, including Anatoly Yakovenko and Raj Gokal (Co-founders of Solana), Ice Cube (an American rapper), and Sidney Zhang (Co-founder and CTO of Magic Eden).

At the time of writing, there are 3,540 holders of the digital art collection – North Korea is the only country that does not have a DeGods holder. With more than $135M in sales to date, it is not surprising that the DeDAO (The project's DAO) bought a basketball team on 28 April, 2022 – the Big3 team, Killer 3s, for $625,000! A first in NFT history.

![degods2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods2_b424d0178d.png)

Source: [DeGods](https://degods.com/)

Holders of the non-fungible token earn in $DUST, the native token of the DUST Protocol, based on Solana. Currently, the cheapest DeGods NFT available on the open market is worth 517.78 SOL. The piece of art goes by the name "DeGod 4640".

The most expensive sale to date was made as recently as 18 hours ago, for $17,657.76 – DeGod #9001. There's more information about the project on the [website](https://degods.com/).

## Why did Pokeee.eth buy 69 DeGods NFTs?!?

On 13 January, 2023, Pokeee.eth promised to purchase 69 of the digital art tokens if the below post received more than 1,000 likes. The digital art collector's move was in support of the project's impending [move to Ethereum](/news/article/ethereum-whales-fuel-eth-bounce-back). The post has received nearly 3,000 likes, and Pokeee.eth is a man of his word.

![degods3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods3_d4679166d3.png)

Source: [Twitter](https://twitter.com/pokeepandaa/status/1613961351780773890)

On 16 January, 2023, Pokeee.eth tweeted a video showing his floor sweep (purchase at floor price) of 69 of the NFTs for around $900k, through the Magic Eden marketplace.

![degods4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods4_0f5a186be7.png)

Source: [Twitter](https://twitter.com/pokeepandaa/status/1614968118287433728?cxt=HHwWgIDU4c68wuksAAAA)

Notably, the NFT collector owns three BAYC NFTs as well – BAYC #7816, #6587, and #7369.


Pink image of nft whale and bored ape logo

Bored Ape Whale Buys 69 DeGods NFTs 

The cryptocurrency market experienced a difficult "crypto winter" in 2022, with many [altcoins](/news/article/altcoin-buzz), including ETH, seeing significant price corrections of up to 70%. But Ethereum whales are contributing to the fightback.

Recently the cryptocurrency market has shown some positive signs in 2023, with Ethereum experiencing a surge in value after experiencing strong selling pressure following the [collapse of the cryptocurrency exchange FTX](/news/article/is-crypto-dead) last month. 

As of 4 January, ETH's price had risen 5% to $1,253, and its market capitalization had reached $153 billion. This improvement has been linked to increased activity by Ethereum whales, who have conducted over 600 transactions totaling more than $100,000 on the blockchain in the past 24 hours.

Here's what on-chain data provider Santiment [tweeted](https://twitter.com/santimentfeed/status/1610750951379599362) on the recent uptick in activity by Ethereum whales.

"As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on 16 December ($ETH's local price bottom), whales are showing increased interest again. "

![Screenshot 2023-01-05 at 10.39.18.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_01_05_at_10_39_18_48790ff4bb.png)
 
This increased activity from whales is a positive sign for Ethereum's short-term prospects.

## Ethereum co-founder expresses bullish outlook

Ethereum co-founder Vitalik Buterin has expressed a bullish outlook for the platform in 2023, following one of the worst crypto winters of market history in 2022. 

Buterin has announced plans to launch the ETH Improvement Protocol (EIP) 4884 in the near future. In response to a [tweet](https://twitter.com/VitalikButerin/status/1609209529706872833) by Balaji Srinivasan, Buterin stated that he is excited to achieve the "basic roll-up" milestone outlined in Ethereum's roadmap. The EIP 4884 is expected to bring significant improvements to the platform.

However, Buterin also stated several areas needing improvement within the cryptocurrency industry, including enhancing security for average users and improving scaling, privacy, and user experience. Despite these challenges, he remains confident in the potential of decentralized finance (DeFi) to play a significant role in the future financial system.


Ethereum Whales Fuel ETH Bounce Back

Ethereum (ETH) price dropped after the network completed a long-awaited upgrade known as "the [merge](/news/article/the-merge-ethereum-nft-impact)". So, why is Ethereum going down even after an upgrade?

Despite a successful merger that moved the Ethereum network from an energy-intensive proof-of-work mechanism to a proof-of-stake consensus, this leading altcoin fell more than 7% below its $1,500 threshold.

Experts from the [Forbes Advisor](https://www.forbes.com/advisor/investing/cryptocurrency/why-is-ethereum-down/) expected the price of Ethereum to drop slightly after the long-awaited merger. ETH is moving along traditional markets, especially the tech-heavy Nasdaq Composite. However, crypto enthusiasts are bullish on Ethereum's post-merger prospects. As they point out, there are no fundamental changes regarding Ethereum. If anything, the combined ecosystem is better positioned in terms of decentralization, energy efficiency, and growth, further cementing its position as the dominant Layer 1 blockchain.

## Why is Ethereum going down from its initial fall after the merger?

Cryptocurrencies like Ethereum are risky assets subject to volatility if inflation continues. The US Federal Reserve is attempting to keep inflation in check and has made it clear that its priorities are now on fighting inflation before attempting a soft landing.

The latest inflation rate has fueled investors to fear the rise in interest rates. By raising interest rates further, the Fed can strengthen the US dollar and extract more liquidity from the market. Reduced liquidity can drive down the prices of riskier assets, such as technology stocks, cryptocurrencies, and growth stocks, as investors curb spending.

Amidst rising inflation and falling liquidity, there has been little institutional investment in cryptocurrency markets other than Ethereum. There has been much excitement around the Ethereum merger and what it is bringing to the Web3 space. This decoupling move (from Ethereum) is expected to continue in the near term as investors process the [long-term implications of the merger](/news/article/ehermine-switches-off-servers), including increased energy efficiency, growth of the staking economy, and the potential deflation of ETH.

## When will Ethereum prices hit bottom?

Just as it is difficult to tell why Ethereum is going down, no one can tell for sure if Ethereum has bottomed out. Aside from the immediate aftermath of the merger and Fed price pressure, other factors could be driving a broader downtrend for Ethereum.

Ethereum's recent low of $880 was reached on 18 June. The cryptocurrency has been up and down since then. Its most recent high reached just over $2,000 in mid-August. However, it was down 58% from its all-time high in November 2021. Ethereum's price today stands at $1,299.

Investors once believed that cryptocurrencies could be viewed as a hedge against inflation, but this has not materialized. Cryptocurrencies are starting to move alongside riskier asset classes, such as growth stocks and the tech stocks of Nasdaq.

In other words, investors can escape cryptocurrencies for traditionally safer assets such as gold, oil, and real estate during times of high inflation. All of this does not bode well for Ethereum's near-term price potential.

## Bottom Line

Like all cryptocurrencies, Ethereum is a risky investment. After hitting an all-time high of around $4,800 in November 2021, Ethereum has been down about 72.9% since then. Risky investments can experience large price swings and extreme volatility. However, it can also be compared to the Nasdaq, which is full of risky growth stocks.

As a relatively new asset class, no one knows what the future holds for cryptocurrencies as an investment vehicle, and the [news about such currencies](/news) is constantly changing. Predicting their price movements is very difficult. Cryptocurrencies are also subject to cyber hacks and future regulations that can affect their overall value.

In a dynamic investment like cryptocurrency, an investor cannot just stop by thinking, "Why is ETH going down?", because it can always go up again, and then you will be in for a big windfall.


Why is Ethereum Going Down?

Ethereum price in the UK has spiked with recent developments. Before falling to $1,602 at press time today, [Ethereum](https://www.cryptopolitan.com/ethereum-price-analysis-2022-10-30/) had earlier set a 24-hour high of $1,652.

The price of Ethereum is extremely unsteady and sensitive to important developments that can affect the market. The appointment of Rishi Sunak as the UK's new Prime Minister is one of these events, along with new applications created on the [Ethereum](/news/category/ethereum-news-today) network, crucial announcements from businesses using Ethereum, and changes to policies.

The price of Ethereum has been noticeably declining for several months, but as of early last week, it seems to be trending upward. Its price rose above the descending channel pattern as it encountered critical support close to the $1,250 mark. The key negative trendline is being tested, and it looks like the price will break above it.

We'll have to wait and see if this has anything to do with the UK's new Prime Minister's appointment, as speculated.

## Future of Ether in the UK: Forces and projection

Lisa Cameron, the group chair of The Crypto and Digital Assets All Party Parliamentary Group (APPG), said on Tuesday that businesses in the UK "desperately need clarity" regarding the [nation's approach to crypto policy](https://cryptonews.net/news/legal/14972141/).

This occurs as the UK's lower chamber, the House of Commons, [decides to recognize cryptocurrency assets as regulated financial instruments](https://www.investopedia.com/uk-approves-crypto-regulations-6757694) and goods.
"UK crypto and digital asset enterprises sorely need clarity over the UK's approach to crypto policy and for the government to deliver on its vision for the UK crypto sector," Cameron stated in a written statement made available to the media on Tuesday.

This latest development is believed to have sparked investors' optimism for cryptocurrencies and contributed to the steep increase in Ethereum price. The price is currently at almost £1,200, having increased by more than 2,000% from the year's beginning.

The value of [Ethereum](https://coincodex.com/crypto/ethereum/price-prediction/) is expected to increase by 8.37% and reach $1,703.62 by November 5, 2022, according to the current Ether price projection.

As a reminder, this is merely a forecast and not financial advice.














Ethereum Price in the UK

A new blockchain is coming, adding to the [Synapse](https://synapse.network/) crypto offering. To understand why you should care about this new creation from Synapse Network, we must first define some of the technology involved. First, let’s talk about what the Synapse Protocol can do right now.

According to their website, Synapse crypto comprises an economically secure method to reach consensus on the validity of cross-chain transactions and a cross-chain messaging framework, enabling developers to build truly native cross-chain apps".

So, if the Synapse Protocol already does this, what more does it need? Well, apparently, the next step for them is to roll out the Synapse blockchain. Synapse released news that it deployed its own blockchain on 28 July.

This new blockchain is significant for developers who make cross-chain apps, and for crypto users who want to bridge their assets across chains, swap stablecoins on-chain, add to liquidity pools, and stake [ETH](/coins/eth) to earn SYN.

The Synapse Protocol was ALREADY able to do all the above for users. However, with the rollout of Synapse V2 and its own blockchain, there is now a much deeper level of fundamental security to the entire Synapse crypto ecosystem. More on this later.

Now, the new blockchain by Synapse Protocol will be an optimistic rollup, reducing fees for customers using their services.

## What is an optimistic rollup?

An ["optimistic rollup"](https://www.alchemy.com/overviews/optimistic-rollups), according to Ethereum.org, is a protocol designed to do a very important thing: reduce pressure on Ethereum by processing transactions off-chain and verifying them for fraud, then telling the network whether to accept the transaction.

It vastly improves processing speeds for users and makes things much more secure. Optimistic rollups publish transaction results on-chain, fully using [Ethereum’s verification process](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/), but store the transaction data elsewhere. This makes completing transactions much faster.

In simple terms, in an optimistic rollup, transactions are executed outside of Ethereum. What's more, the technology introduced by Synapse V2 will make transactions faster, [cost less gas](https://ethereum.org/en/developers/docs/gas/), and be more secure.

## The Synapse Chain

The basics of the Synapse Chain are defined in three protocols that are the backbone of Synapse. They are as follows:

1.	Generalized Cross-Chain Communication
2.	Optimistic Security Model
3.	Synapse Bridge

## Generalized Cross-Chain Communication

Synapse developed a generalized message system that can send data across different blockchains securely and seamlessly. Now, developers can deploy their applications on a single blockchain and communicate with multiple other chains. This has resulted in Synapse building a tool that can provide the same user experience, but from one application layer. Essentially, Synapse's generic messaging is a massive leap for combining blockchains in a universal way.

## Optimistic Verification

Synapse realizes one fact about the crypto and blockchain world: it will be multi-chain. There will be many, many blockchains, all doing different things, and all of them will need to somehow interact with one another to some degree. That's great for Synapse, who have developed excellent cross-chain infrastructure. So, what’s the problem?

Security. Many [interoperability platforms](https://finance.yahoo.com/news/top-ten-interoperability-cryptocurrencies-144813796.html) which enable cross-chain communication do not have high security standards. This changes with optimistic verification, an important part of Synapse V2. In this way, during a bridge transaction, there is a small window of time in which off-chain actors verify the transaction. This makes the...

## Synapse Bridge

Users can utilize Synapse Bridge to swap on-chain assets across more than 15 EVM and non-EVM blockchains. It supports both canonical token bridging and liquidity-based [cross-chain bridging of assets](https://www.techtarget.com/whatis/feature/The-best-cross-chain-bridges).

The Synapse Bridge has processed almost $11 billion in total volume since inception and shows little signs of slowing down. It is also available to developers for use in integrating cross-chain apps. 

There is a Synapse crypto token too. On 28 July, when Synapse released its V2 announcement, the price of Synapse crypto digital asset, SYN, spiked 32%!

[The Synapse Chain](https://synapse.mirror.xyz/L6dBb7aXIJ1Ll5_sxP2bIJxVEYNd43ZzIV6dRylQJxw) is an optimistic rollup blockchain executed with Ethereum, but it is also much more. According to their website, Synapse V2 will feature "generalized cross-chain messaging (that) enables any arbitrary data to be sent across blockchains, expanding mass-market use cases of cross-chain infrastructure to NFTS, smart contract calls...".

This is a massive development that will allow the users of the Synapse cross-chain token bridge to expand the use of Synapse in a big way – and allow them to access much more with their tokens.

## Synapse Protocol’s Impact

Cross-chain liquidity is something that is masterfully executed by Synapse. In less than one year, Synapse bridged $11 billion in volume with almost 1 million transactions. In its first year, it also served 150,000 users.

Synapse also partners with DeFi apps, allowing users to exchange assets between different blockchain games or infrastructures.


Synapse Crypto Protocol V2 Explained

Neo is an open-source and decentralised smart contract network launched as Antshare in 2014 by Erick Zhang and Da Hongfei. It rebranded to Neo network in 2017, after the launch of its mainnet in 2016.

As a smart contract network, it enables developers to build decentralised applications (dApps) for various uses. It also features other services, including oracles, domain name service, decentralised file storage, and an identity system.

## NeoContract

[NeoContract](https://medium.com/neo-smart-economy/a-deep-dive-into-neovm-neocontract-e470c2c3afb0) is the blockchain’s [smart contract](/news/article/smart-contracts-blockchain) system. It is independent and helps with transaction validation, token sales, and the development of dApps. It consists of;

•	NeoVM: A decentralised virtual machine where smart contracts are executed.

•	NeoContract APIs: Sets of interfaces that enrich smart contracts with practical and powerful functionality.

•	Software Development Kit (SDK): a combination of applications and plugins that ease the development process of smart contracts.

Neo network’s smart contracts stand out because developers do not need to learn a new programming language to create them. Developers can use a variety of common programming languages, including C#, Java, and Python to create the contracts.

## Consensus mechanism

The Neo network is secured by the delegated Byzantine Fault Tolerant (dBFT). This consensus mechanism works more or less like the delegated proof of stake (DPoS).

How it works is that dBFT employs a real-time voting system that determines the nodes to create the next block on the blockchain. Holders of the blockchain’s token stake or lock up a portion of their coins to vote for the consensus nodes that will create blocks and get the block reward.

## Tokens

The blockchain has two native tokens, NEO and GAS. NEO has two uses, with more on the way. Holders can use them to vote for various changes. The tokens can also be used to claim GAS. Staking NEO allows holders to get a portion of the block reward paid in GAS. GAS is used to access the network’s services.

Both tokens have a max supply cap of 100 million coins. According to Coinmarketcap, there are currently [70,538,831](https://coinmarketcap.com/currencies/neo/) NEO coins and [10,128,375 GAS coins](https://coinmarketcap.com/currencies/gas/) in public circulation.

Each NEO coin, as of writing, is worth $8.85 and ranked 65th largest cryptocurrency by market cap. Each GAS coin is worth $2.29 and is ranked the 553rd largest cryptocurrency by market cap. Both coins are available for purchase in many exchanges, including major ones like [Binance](/news/article/binance-staking), KuCoin, and OKX.

Neo offers a lot to its users. Its services, which range from smart contract functionality, oracles, and domain name service, to decentralised file storage, enable it to be a great blockchain-based service provider in the crypto space. With the N3 upgrade on the way, the network is poised to get even better.


Neo Network: China’s Ethereum

Etheremine, Ethereum’s largest mining service provider by computing power, switched off its servers on September 15th, 2022, after Ethereum transitioned from a proof of work to a proof of stake consensus mechanism.

The mining service has been in operation for seven years and mined 3,271,518 blocks and 9,836,656 Ether, announced on its Twitter page and [official website](https://ethermine.org/announcement). Its users would no longer be able to connect their miners to the Ethereum pool.

## The Merge

Ethereum’s transition to [proof of stake (PoS)](/news/article/pos-vs-pow), dubbed the [Merge](/news/article/ethereum-the-merge), was a highly anticipated event that had been in the works for a while. The Merge replaced miners with validators. The network now relies on validators to validate transactions and security.
Before the Merge, Ether mining had developed into a multi-billion industry. More than a million people across the globe with mining equipment worth over $10 billion had at a particular time mined Ether.

The process involved miners competing to solve complex mathematical problems to earn the block rewards. Only the first miner to solve the computational problems got the rewards. 

The need for expensive mining hardware and more computational power grew as the process became more competitive. It is this need that led to the existence of mining pools like Etheremine. 

The service aggregates computing power from a group of miners to increase the probability of winning Ether. The reward would then be distributed among miners based on their contribution. The pools charged some fees for their services.

## Staking Service

In anticipation of the Merge, in August 2022, Etheremine launched a staking pool for its users. The new service offered via BitFly enabled users to stake their Ether and earn interest on their deposits. 

Unlike other platforms, Ethermine allows users to invest as little as 0.1ETH and earn yields for lending. However, in terms of the service fees, the lower a user’s holding, the higher the fees.

The platform allows those who wish to participate in ETH staking and earn but don’t have the required 32ETH. 

Before its [Ethermine Staking](https://staking.ethermine.org/) service, the platform debuted [Ethpool](https://ethpool.org/), a solo staking platform that requires users to have at least 32ETH. At the time of writing, the platform has 469 validators and guarantees 5.5% APR.

It is worth noting that those who participate in ETH staking will not be able to withdraw their earnings until the Shanghai Upgrade, another major upgrade to the Ether network. However, a precise date for the Shanghai upgrade is yet to be determined.

Also, the Merge, though a highly anticipated event, was not a welcomed network upgrade for all ETH holders. A few coin holders wished to continue using the network as a proof of work mechanism. Ethermine has no plans to support the planned PoW forks.

Although the Ethereum network has stopped mining, users can continue to use the platform’s other affiliated servers to mine Ergo (ERGO), Ethereum Classic (ETC), Beam (BEAM, and Ravencoin (RVN).



Ethermine switches off servers after Ethereum Merge

## How crypto hack succeeded

Funds went missing from Transit Swap after a hacker exploited [an internal bug](https://www.cnbctv18.com/cryptocurrency/hacker-exploits-platform-bug-to-syphon-23m-from-transit-swap-returns-70-of-loot-a-day-later-14856551.htm) on a swap contract on October 1 2022. The cross-chain DEX (decentralized exchange) aggregator prompted a quick response from the Transit Finance team and security firms Peckshield, SlowMist, Bitrace, and TokenPocket. They were able to work out the hacker's IP, email address, and associated-on chain addresses quickly. 

"We sincerely apologise", said Transit Swap on Twitter. The company said that security firms are tracking the necessary data on-chain, and they will alert customers of any additional notifications as they arise.

Less than 24 hours after the theft,[ Transit Finance](https://swap.transit.finance/) reported that "with the combined efforts of all parties," the hacker had returned 70% of the stolen assets to two addresses, totaling around $16.2 million. 

The hacker appears to have had to hand over the crypto after the Transit Finance team and various security firms obtained data about the perpetrator. 

According to [BscScan ](https://bscscan.com/tx/0x181a7882aac0eab1036eedba25bc95a16e10f61b5df2e99d240a16c334b9b189)and [EtherScan,](https://etherscan.io/tx/0x743e4ee2c478300ac768fdba415eb4a23ae66981c076f9bff946c0bf530be0c7) this crypto came in the form of 3,180 Ether (ETH) valued at $4.2 million, 1,500 Binance-Peg ETH valued at $2 million, and 50,000 BNB valued at $14.2 million.

## Plan for the return of the rest of the monies from the crypto hack 

According to the most recent update, "the project team is scrambling to collect the exact information of users whose crypto [got stolen](/news/article/nomad-crypto-hack) and design a specific return strategy". Still, it focuses on recovering the remaining 30% of stolen monies. 

At the moment, security companies and project teams from all sides are still tracking the hacking issue and communicating with the hacker via email and on-chain techniques. It said the group would continue working tirelessly to retrieve more assets.

#Plan for the return of the rest of the monies from the crypto hack hted](https://slowmist.medium.com/cross-chain-dex-aggregator-transit-swap-hacked-analysis-74ba39c22020) that the [hacker](/news/article/nft-hackers-passports) exploited a vulnerability in Transit Swap's smart contract code, which came directly from the transferFrom() function, which essentially allowed users' tokens to be sent directly to the exploiter's address.


Crypto hacker returns 70% of $23 million to Transit Swap

The much-anticipated upgrade to Ethereum, the merge, was completed on [September 15](/news/article/ethereum-merge-date). It transformed the blockchain’s Proof-of-work (PoW) mechanism into Proof-of-Stake (PoS). The market experts were optimistic that this upgrade would positively influence the Ether price. However, it has not been the case as the [Ethereum](https://ethereum.org/en/) price is continually plunging after the merger. 

Perhaps, the reason could be the overall downturn of the crypto market. Bitcoin is also struggling to maintain a price of over $20K. Besides, its worth even dropped under $19K this month. This has affected the entire crypto market, including Ether. Nonetheless, there are several other triggers, too.

## Ether’s nosedive after the merge

ETH was steadily thriving in the last three months when the BTC price struggled to hold its ground. In comparison to BTC, ETH saw a surge of around 60%. However, after the Ethereum merge, it [dropped](https://www.benzinga.com/markets/cryptocurrency/22/09/28917798/bitcoin-ethereum-nose-dive-445m-liquidated-from-crypto-market) significantly. 

Five days before the upgrade, Ether’s price was approaching $1,800. Even up to September 14, Ether was trading at over $1,600. But as it completed the upgrade, it lost over $300 in value. It saw a drop of almost 21% in the last seven days, showing worrying signs for Ethereum investors.

## Ether’s nosedive after the merge

ETH was steadily thriving in the last three months when the BTC price was struggling to hold its ground. In comparison to BTC, ETH saw a surge of around 60%. However, after the Ethereum merge, it [dropped](https://www.benzinga.com/markets/cryptocurrency/22/09/28917798/bitcoin-ethereum-nose-dive-445m-liquidated-from-crypto-market) significantly. 

Five days before the upgrade, Ether’s price was approaching $1,800. Even till September 14, Ether was being traded at over $1,600. But as it completed the upgrade, it lost over $300 in value. Besides, in the last 7 days, it saw a drop of almost 21%. This shows worrying signs for the Ethereum investors.

![ethereum merge.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/ethereum_merge_0d3a08eff4.png)

## Ethereum the merge: Investor sentiment 

Disappointing US economic indicators such as high inflation, looming imminent [securities regulation that may apply to Ether staking](/news/article/ether-staking), and a market downturn have negatively affected crypto investor sentiment. After the completion of the Ethereum 2.0 upgrade, the selling pressure increased. Many investors chose to liquidate their funds while the price was high to protect themselves from potential losses. 

Even after this event, ETH investment products saw tremendous outflows. Ether threw up $15.4 million in outflows. However, this was not a market-wide trend, as BTC saw an addition of around $17.4 million in investment in the same period. Time will tell if the Ethereum price has been merely affected by hawkish sentiment or if the Merge is not worth the hype.



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